Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

Intel 18A Not Ready for Foundry (Preparing for Bad News?), TSMC Exit GaN (Doesn’t Matter), UMC 6nm

Our Thesis: Intel Should Take a Stake in UMC -- New Signals Reinforce the Case

Intel Layoffs Finally Kick Off With A Chaotic Start In Oregon

Intel 18A: Cracks in the Wall. Good for TSMC.

Intel @ BofA Securities 2025 Global Technology Conference

Equity Bottom-Up

<ul>
<li>Intel layoffs now extending to production in US, Israel. Intel’s revenue/employee is half that of AMD, TSMC. An AMD or TSMC employee generates 2x more revenue than an Intel employee. </li>
<li>Intel shareloss in PC, Server continues. Over the past 4 years Intel lost 6 percentage points PC market share (down to 76%), 13 percentage points in server (down to 73%).   </li>
<li>Intel is now without an AI / GPU roadmap. It looks bad but the twist is it helps Intel requalify with Nvidia DGX, replacing AMD. Weakness breeds strength.   </li>
</ul>


Intel layoffs now extending to production in US, Israel. Intel’s revenue/employee is half that of AMD, TSMC. An AMD or TSMC employee generates 2x more revenue than an Intel employee. 
Intel shareloss in PC, Server continues. Over the past 4 years Intel lost 6 percentage points PC market share (down to 76%), 13 percentage points in server (down to 73%).   
Intel is now without an AI / GPU roadmap. It looks bad but the twist is it helps Intel requalify with Nvidia DGX, replacing AMD. Weakness breeds strength.   


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

인텔은 (직원 수) 감소, (시장 점유율) 하락을 겪고 있지만, 약점이 강점이 될 수 있습니다.

Intel Corp

인텔은 (직원 수) 감소, (시장 점유율) 하락을 겪고 있지만, 약점이 강점이 될 수 있습니다.